Re: Ann Expiry of Unsolicited TGM offer, page-23

@Mazda

Here is the thing though, from FML Dated 3 Dec 2021

In addition, the Company is proposing to undertake a pro-rata, non-renounceable entitlementoffer (Entitlement Offer). Further details of the Entitlement Offer are to be announced shortly (There has never been one).

Previous to the para above FML wrote:
Funding - For the purposes of funding the activities contemplated by the Resumption Plan, the Company has secured an additional US$10 million unsecured loan facility from the Company's major shareholder, Shandong Gold under which funds are immediately available to the Company(Loan Facility). So they do have money sitting around.

The Loan Facility is on substantially the same terms as the loan facility agreement entered into between the Company and Shandong Gold in October 2020 (see ASX announcement dated 14 October 2020). Relevantly, the key terms of the Facility Agreement are:
o Term: 3 years from draw down, principal payable at the end of the term
o Interest: 3.5% per annum, payable quarterly in arrears
o Representations, warranties, undertakings and events of review / default: generally on common terms for unsecured loan agreements

The point being that they have money already $10m, and had the idea to go to market for more.
They haven't because TGM launched its Takeover bid.

I imagine it was a complete distraction, especially trying to keep the mothership informed and waiting for replies.

Does it mean that basically there has already been essentially a three month hiatus or at least some significant delay?

Giving FML benefit of doubt for now, but there needs to be movement at the mine before 1 July. Need to extract their digit.